Few advantages are as sought after by parents for their children as an education that will enable them to grow professionally and enjoy the benefits such an education can help bestow. The federal government supports and encourages their efforts to provide that education through various programs and income tax incentives. 

This course will examine the programs, credits, deductions, and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it will consider:

• Qualified tuition programs;

• Coverdell education savings accounts;

• The education savings bond program;

• Federal tax credits for education;

• The federal tax treatment of scholarships, fellowships, grants and tuition reductions; and

• Deductions available for student loan interest.
 

Learning Objectives:

• Identify the features and tax benefits of qualified tuition programs under IRC §529


• Recognize the contribution limits and tax treatment of Coverdell education savings accounts


• Identify the tax treatment of interest earned on U.S. savings bonds for education expenses


• Apply rules for American opportunity and lifetime learning credits


• Recognize tax implications for scholarships, fellowships, and educational assistance


• Apply federal income tax rules for student loan interest, cancellations, and repayment assistance